Elon musk jeff bezos11/1/2023 ![]() That means they have seen their wealth balloon as markets have set records during the pandemic. "It's just the magnitude of the wealth is so great that they're able to do things that you and I wouldn't be able to do."Īnd the super rich often earn the bulk of their compensation in company stock, not salaries. "It's not complicated," says Scott Dyreng, a professor of accounting at Duke University. Income is subject to federal taxes, but wealth isn't. Polls typically show support for increasing taxes for the wealthy.įundamentally, it has to do with how the U.S. Two protesters from progressive group MoveON calling for higher taxes for the rich and corporations in Tampa, Fl., on May 17. Here are a few reasons why (and why Wyden's proposal has failed to gain traction). ![]() As it turns out, taxing billionaires is incredibly difficult, and a wealth tax would be even harder to pull off. Barely a day after he proposed the plan, it was cut from the bill. Wyden calls it a "billionaires tax," targeting the ultra rich as a way to help pay for President Biden's agenda. Ron Wyden (D-OR), the chairman of the Senate Finance Committee, introduced a version of that. Yet many of these billionaires pay little in taxes, and that has sparked a big push by progressives for a "wealth tax." The pandemic has been good for the ultra rich like Elon Musk and Jeff Bezos whose fortunes are tied to the stock market. Billionaires like Musk pay little in taxes, and some progressives would like to change that with a wealth tax.īritta Pedersen/Pool/AFP via Getty Images Tesla CEO and SpaceX owner Elon Musk poses on the red carpet of the Axel Springer Award 2020 in Berlin, Germany, on Dec. ![]()
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